As the world’s attention shifts to cryptocurrencies and blockchain technologies, the notion of web 3.0 have grown in importance.
And, with the ‘internet of money being hyped as the next big thing, technology has attracted everyone’s interest.
So, what’s the big deal here? Let us investigate.
To really comprehend the significance of Web 3.0, it is necessary to examine its predecessors – Web 1.0 and Web 2.0.
Web 1.0
Web 1.0 was the initial version of the internet.
It was nothing more than a collection of static web pages connected by hyperlinks.
While its functionality was confined to static sites, it was revolutionary at the time because it lets people communicate their thoughts with the rest of the world.
It did, however, provide its own set of difficulties, the most prominent of which was a lack of functioning.
Web 2.0
Then came Web 2.0, which enabled users to read and write.
Web 2.0 also addressed Web1.0’s UX issue by making it simple for anyone to go online and express themselves.
At the moment, we’re primarily working within Web 2.0.
Web 2.0 was undeniably a big success, as proven by the internet’s importance in our lives today.
It did, however, come at a cost.
On Web 2.0, closed ecosystems have supplanted open protocols.
This means that the producers do not own the audience, and power is concentrated in the hands of a few large businesses.
Even though consumers produce the bulk of the value, these firms take the value.
The centralized nature of Web 2.0 has also raised specific privacy problems.
This brings us to the topic of Web 3.0.
Web 3.0
Before Web 3.0, consumers and developers had to choose between the restricted capabilities of Web 1.0 and the centralized paradigm of Web 2.0.
Web 3.0, on the other hand, combines the decentralized, community-driven ideology of Web 1.0 with the expanded, contemporary capabilities of Web 2.0.
Web 3.0 is essentially a tokenized internet controlled by its designers and users.
The fundamental difference between Web 3.0 and previous versions is that consumers may own the network without the need for a mediator.
What is the significance of Web 3.0?
Web 3.0 is primarily driven by edge computing, decentralized networks, and artificial intelligence instead of Web 2.0, which was primarily driven by mobile, social, and cloud technologies.
Web services will be governed and owned by users, artists, and developers in Web 3.0, with ownership and control, maintained via network-issued tokens.
Indeed, Web 3.0 represents a significant advancement in terms of open, trustless, and permissionless networks.
They’re open because they’re built with open-source software created by an open and accessible community of developers.
The term ‘trustless’ refers to the ability of participants to engage openly without the requirement for a trusted third party.
And ‘permissionless’ implies that anybody, including users and suppliers, can participate without requiring permission from a governing organization.
Corporations will undoubtedly lose enormous sums of money when Web 3.0 provides a more user-centric environment, and data monetization is no longer conceivable.
Indeed, Web 3.0 may be considered a response to power abuses in today’s digital world, with the decentralization of data and power at its core.
Final thoughts
As previously said, Web 3.0 is a ground-breaking idea that blends the open protocol standards of Web 1.0 with the functionality and user experience of Web 2.0 without sacrificing either.
It takes ownership of the internet away from strong businesses and gives it back to consumers, producers, and developers.
It will also be more user-specific, enhancing data security and privacy while reducing the possibility of hacking.
Web 3.0 is still in its early stages, but the technology is undeniably promising, and many are eager to see how it will change the world for the better.
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